74,691 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by Candelo Capital Management LP

Candelo Capital Management LP acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 74,691 shares of the construction company's stock, valued at approximately $5,706,000. Primoris Services comprises 2.9% of Candelo Capital Management LP's holdings, making the stock its 12th biggest position. Candelo Capital Management LP owned about 0.14% of Primoris Services at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Primoris Services by 6.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 79,985 shares of the construction company's stock worth $6,112,000 after acquiring an additional 4,932 shares during the period. Harvest Investment Services LLC bought a new position in Primoris Services in the 4th quarter worth about $848,000. Hsbc Holdings PLC raised its holdings in shares of Primoris Services by 74.3% during the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after buying an additional 19,530 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Primoris Services by 201.9% during the fourth quarter. Stifel Financial Corp now owns 19,844 shares of the construction company's stock worth $1,516,000 after buying an additional 13,270 shares during the period. Finally, Teachers Retirement System of The State of Kentucky bought a new position in Primoris Services in the 4th quarter worth approximately $1,470,000. 91.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of analyst reports. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. Piper Sandler started coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an "overweight" rating and a $75.00 price objective for the company. KeyCorp lowered their target price on shares of Primoris Services from $90.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Finally, DA Davidson reiterated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Primoris Services has an average rating of "Buy" and an average target price of $84.75.

Primoris Services Stock Up 2.8 %

PRIM stock opened at $55.44 on Wednesday. The firm has a market cap of $2.99 billion, a PE ratio of 18.36 and a beta of 1.17. Primoris Services Co. has a 12 month low of $44.20 and a 12 month high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a 50 day simple moving average of $62.50 and a 200 day simple moving average of $71.32.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.58%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

Insider Transactions at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

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